The board of directors of Binhai Investment Company Limited (the Company) announced that Mr. ZHANG Bing Jun (Mr. Zhang) has tendered his resignation as the Chairman of the Board and an executive director of the Company with effect from 16 October 2020 due to change of job positions. Ms. CAO Hong Mei (Ms. Cao) and Ms. PENG Bo (Ms. Peng) have also tendered their resignations as non-executive directors of the Company with effect from 16 October 2020 due to change of job positions. The Board announced that Mr. WANG Zhiyong (Mr. Wang) has been appointed as the Chairman of the Board and an executive director of the Company with effect from 17 October 2020. Mr. Wang currently serves as the Chairman of the board of directors of Tianjin TEDA Investment Holding Co. Ltd. From August 2018 to date, Zuo serves as the deputy general manager of China Petroleum & Chemical Corporation Natural Gas Branch Company. From July 2018 to date, Mr. Shen serves as the manager of the natural gas sales centre of Sinopec Gas in Northern China and the deputy general manager of Great Wall Energy, a substantial shareholder of the Company. In addition, Mr. ZUO Zhi Min (Mr. Zuo) has been appointed as the Vice Chairman of the Board and an executive director of the Company, and Mr. SHEN Hong Liang (Mr. Shen) has been appointed as a non-executive director of the Company, with effect from 16 October 2020. The Board further announces that Mr. HUI Ji Wen has tendered his resignation as the Chief Finance Officer of the Company. Mr. XI Ming (Mr. Xi) has been appointed as a Deputy General Manager and the Chief Finance Officer of the Company with effect from 16 October 2020.